motech industries inc. otc...strategy and market outlook increasing cell efficiency, advanced...
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Motech Industries Inc. Stock Code: 6244 TWO
2016 First Quarter Financial Result
Safe Harbor Notice
Except for statements in respect of historical matters, the statements in this presentation are
“forward-looking statements”. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual performance, financial
condition or results of operations of Motech Industries, Inc. (Motech) to be materially
different from any future such matters implied by such forward-looking statements.
Investors are cautioned that actual events and results could differ materially from these
statements as a result of a variety of factors, including conditions in the overall market and
economy, acceptance and demand for products, and technological and development risks.
The financial statements included were prepared and published in accordance with IFRS as
issued by the IASB
The financial forecasts and forward-looking statements in this release reflect the current
belief of Motech as of the date of this release and Motech undertakes no obligation to
update these forecasts and forward-looking statements for events or circumstances that
occur subsequent to such date.
Financial Performance
Quarterly Revenue and Margin Trend
Financial Performance
Market and Company Update
■ 1Q’16 cell shipment was 785 MW
■ 2015 full year shipment was 2,415 MW
■ Topcell has been included since June
1Q’16 Cell Capacity and Shipment
(NTD M) 1Q'16 QoQ 4Q'15 YoY 1Q'15
Revenue 9,620 15% 8,331 130% 4,187 Gross Profit 1,384 19% 1,163 N/A (122) Gross Margin 14.4% 0.4 14.0% N/A -2.9% Operating Expense 419 -3% 434 33% 315 Operating Income 965 32% 729 N/A (437) Operating Margin 10.0% 1.3 8.7% N/A -10.4% Non Operating Income (10) -96% (266) (1) (26) PBT 955 106% 463 N/A (463) Tax Benefit/(Exp) (130) 30% (100) 420% (25) Net Income 825 127% 363 N/A (488) Net Margin 8.6% 4.2 4.4% N/A -11.7% Other Comprehensive Income (47) -57% (110) 20% (39)
Total Comprehensive Income 778 207% 254 N/A (527)
EBITDA 1,645 46% 1,129 N/A (65) EBITDA / Sales (%) 17.1% 3.6 13.5% N/A -1.6%
Consolidated Financial Performance - Quarterly
Financial Performance
Capital Structure
Financial Performance
50%
(NTD M) 31-Mar-16 QoQ 31-Dec-15 YoY 31-Mar-15
Cash and Marketable
Securities 9,072 26% 7,190 57% 5,776
Account Receivable 8,093 15% 7,021 61% 5,032
Inventory 2,527 -13% 2,913 27% 1,987
Property, plant and equipment 10,635 -5% 11,189 28% 8,305
Others 4,324 -16% 5,173 4% 4,141
Total Asset 34,651 3% 33,485 37% 25,240
Short-Term debt 5,049 9% 4,652 90% 2,654
Account Payable 5,968 9% 5,485 63% 3,658
Long-Term Debt 4,719 -17% 5,660 - -
Others 3,604 14% 3,165 -43% 6,336
Total Liabilities 19,340 2% 18,962 53% 12,648
Total Shareholders’ Equity 15,311 5% 14,523 22% 12,592
Consolidated Balance Sheet
Financial Performance
Consolidated Statement of Cash Flow
Financial Performance
(NTD M) 1Q'16 1Q-4Q'15 4Q'15
Cash Flow from Operating Activities 2,414 1,792 146
Income before Tax 955 (171) 463
Depreciation & Amortization 627 2,003 600
Interest Expense 63 218 66
Chg. In Working Capital and Others 908 (479) (1,174)
Others (139) 221 190
Cash Flow from Investing Activities (476) 238 (480)
Available-for-sale financial assets 0 (58) (58)
Capital Expenditure (231) (995) (287)
Others – Investment in MM Products (245) 1,290 (135)
Cash Flow from Financing Activities (52) (2,373) (17)
Bank Loans 8 (2,151) 45
Others – chg. in minority interest (TOTAL) (60) (222) (61)
Other Effects (3) (15) (26)
Net Cash Flow 1,883 (358) (376)
Beginning Cash Balance 7,190 7,548 7,566
Ending Cash Balance 9,072 7,190 7,190
Free Cash Flow 2,183 797 (141)
1Q'16 4Q'15 1Q'15
Profitability:
ROA(Quarterly) 2.4% 1.1% -1.9%
ROE(Quarterly) 5.4% 2.5% -3.9%
Gross Margin 14.4% 14.0% -2.9%
Net Margin 8.6% 4.4% -11.7%
Leverage:
Debt-to Asset Ratio 55.8% 56.6% 50.1%
Liquidity:
Current Ratio(x) 1.5 1.5 1.2
Quick Ratio(x) 1.3 1.3 1.0
Consolidated Financial Ratios
Financial Performance
11
Strategy and Market Outlook
Increasing cell efficiency, advanced production technology.
Continuing merger synergy, lower costs and expenses.
Expanding clientele in Japan and US.
Slow season but better visibility, increasing long term sale contract.
Keeping eye on oversea expansion.
Moderate US AD/CVD impacts.
Global Leading Solar Cells Manufacturer
Focusing on technology, quality and service
